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In-PersonVirtual Tour
$10,500,000
Est. payment /mo
0.34 Acres Lot
Open House
Thu Jul 16, 11:00am - 1:00pm
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82054084
HOA Y/N No
Year Built 1927
Annual Tax Amount $126,942
Lot Size 0.344 Acres
Property Description
A rare 16-unit trophy asset in the heart of Downtown Palo Alto. This stunning 1920s-era Spanish Colonial Revival building sits on a generous 15,000 SF lot with 11,035 SF of building area, half a block from University Avenue's renowned dining, shopping, and retail - an A+ location that speaks for itself. The unit mix features 9 1-bed/1-bath units and 7 oversized studios, almost all with updated kitchens and baths, and in-unit laundry in all large 1-bedroom units. The property is a showpiece: tile roofline, stucco exterior, arched windows/doorways, wrought-iron, and a lushly landscaped courtyard centered on a classic tiered fountain - the kind of building people stop to photograph. Ownership invested ~$1.3M in capital improvements in 2019, including new 400 AMP electrical panel, updated interior sub-panels, copper plumbing, Romex wiring, and exterior stucco refresh. 8 onsite garages, add'l storage, and dedicated laundry room. Recently signed June 2026 leases confirm market rents are achievable. Rarely does a property like this come to market - an architectural beauty in an irreplaceable location, offering stable in-place cash flow, proven rent upside, and the kind of curb appeal that simply can't be built today. A true once-in-a-generation opportunity for the discerning investor!
Location
State CA
County Santa Clara
Area 699 - Not Defined
Zoning RM5
Interior
Heating Electric
Cooling None
Fireplace No
Exterior
Roof Type Bitumen,Tile
Building
Lot Description Level
Water Public
Schools
Elementary Schools Other
Middle Schools Other
High Schools Palo Alto
School District Palo Alto Unified
Others
Tax ID 12003059
Special Listing Condition Standard
Virtual Tour https://530webster.com
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Listed by Kelly Griggs Coldwell Banker Realty #01812313
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